某建設項目最新的財務分析

1、建設項目財務分析項目背景：某工業(yè)項目計算期為16年，建設期為3年，第4年投產(chǎn)，第5年開始達到生產(chǎn)能力1.建設投資16000萬元。分年投資情況如下：（單位：萬元）項目/年末1234建設投資50007000400016000該項目的固定資產(chǎn)綜合折舊年限為15年，殘值率為5%,采用直線折舊法折舊,期末余值等于賬面余值。2 .流動資金約為4980萬元，投產(chǎn)前一年末一次投入（三年末）。3 .銷售收入、銷售稅金及附加和經(jīng)營成本的預測值如下，其它支出忽略不計（單位：萬元）項目/年末45615銷售收入11200160001600016000銷售稅金及附 加640960960960經(jīng)營成本70001000010

2、000100004 .建設投資16000萬元中，權益投資8000萬元，權益投資分年出資為3000萬元、 3000萬元和2000萬元，不足部分向銀行借款。銀行貸款條件是年利率6%,建 設期只計息不付息還款，將利息按復利計算到第四年年初，作為全部借款本金。 投產(chǎn)后（第四年末）開始還貸，每年付清利息，并分10年等額還本。5 .流動資金投資4980+學號后兩位數(shù)，全部向銀行借款（始終維持借款狀態(tài)），貸款年利率也是6%要求:1 .融資前盈利能力分析（編制利潤與所得稅計算表、全部投資現(xiàn)金流量表 ），計算 融資前所得稅后的內(nèi)部收益率。假如長期借款的利率為10%,股權融資要求白投資回報率9%,又能設法從銀行

3、借到50%的初始投資，說明這個項目是否可能考慮？2 .融資后盈利能力分析（編制借款需要量計算表、固定資產(chǎn)投資借款還款計劃表、 利潤與所得稅計算表、全部投資現(xiàn)金流量表、自有（權益）資金投資現(xiàn)金流量表）， 計算全部投資、自有（權益）投資的靜態(tài)投資回收期、內(nèi)部收益率。假如行業(yè)基 準收益率為10%,判斷項目的可行性？3 .編制財務計劃現(xiàn)金流量表，判斷項目基本生存能力？4 .編制資產(chǎn)負債表，計算資產(chǎn)負債率等指標，分析項目負債情況和償債能力？5 .對項目作出財務分析的綜合評價。表1、利潤與所得稅計算表 （融資前）（單位：萬元）序號項目計算期4567891011121314151銷售收入1120016000

4、160001600016000160001600016000160001600016000160002銷售稅金及附加6409609609609609609609609609609609603總成本費用801311013110131101311013110131101311013110131101311013110133.1經(jīng)營成本700010000100001000010000100001000010000100001000010000100003.2折舊1013101310131013101310131013101310131013101310133.3利息支出4利潤總額（1 2 3）254

5、7402740274027402740274027402740274027402740275所得稅（43%）840.5132813281328132813281328132813281328132813286稅后利潤170626992699269926992699269926992699269926992699表2、全部投資現(xiàn)金流量表（融資前）（單位：萬元）序號項目計算期1234567891011121314151現(xiàn)金流入1120016000 -6000 16000 16000 16000 16000 160)00 16C00 160(00 16000 248531.1銷售收入160001.2

6、回收固定資產(chǎn)余值38401.3回收凈營運資金50142現(xiàn)金流出500070009013764010960109600960 10960 1)960 1()960 10960 10)60 10960 109)0 109602.1建設投資（不含建設 期利息）5000700040002.2凈營運資金50142.3經(jīng)營成本700010000100000000 10000 1)000 10)000 10000 10()00 10000 100()0 100002.4銷售稅金及附加6409609609609609609609609609609609603所得稅前凈現(xiàn)金流量（1-2）-5000 -7000

7、-90133560504050405040504050405040504050405040504050404累計所得稅前凈現(xiàn)金流量-5000-12000-21013-17453-12413-7373233327077747127871782727867 2!7907 32947 3'9875所得稅840.5132913291329132913291329132913291329132913296所得稅后凈現(xiàn)金流量（3-5）-5000 -7000 -96132719371137113711371137113711371137113711371196317累計所得稅后凈現(xiàn)金流量-5000-

8、12000-21613-18894-15183-11472-7761 -4050-339331276981137915091188102：2513（單位：萬元）表3、借款需要量計算表項目 年末1234合計建設投資總數(shù)500070004000016000凈營運資金00050145014權益資金30003000200008000借款需要量200040002000501413014（單位：萬元）建設期利息計算表4、固定資產(chǎn)投資還貸計劃與利息計算（單位：萬元）項目年末1234附注年初欠款020606303.68742當年借款200040002000當年利息60243.6438.2524.5年末欠款累計

9、20606303.68741.89266.3項目年末45678910111213期初本息余額8741.87867.66993.46119.35245.14370.93496.72622.51748.3874.2本期付息524.5472.1419.6367.2314.7262.3209.8157.4104.952.5本期還本874.2874.2874.2874.2874.2874.2874.2874.2874.2874.2期末本息余額7687.66993.46119.35245.14730.93496.72522.51748.4874.20表5、利潤與所得稅計算表（融資后）（單位：萬元）序號頃目

10、計算期4567891011121314151銷售收入1120016000160001600016000160001600016000160001600016000160002銷售稅金及附加6409609609609609609609609609609609603總成本費用8886118341187211729116771162411571115191146611413911361113613.1經(jīng)營成本700010000100001000010000100001000010000100001000010000100003.2折舊1060.31060.31060.31060.31060.3106

11、0.31060.31060.31060.31060.31060.31060.33.3利息支出825.6773.2721.4688.2615.8563.3510.9458.4405.9353.5301.1301.14利潤總額（1 23）1674.13206.53258.33311.53363.93416.43468.83521.33573.73626.23678.63678.65聽得稅（43%）552.51058.21075.310931110.11127.41144.71162.81179.31196.61213.91213.96稅后利潤1121.62148.421832218.52253.8

12、2288.92324.12359.32394.42429.52464.92464.9序號項目計算期1234567891011121314151現(xiàn)金流入1120016000160001600016000160001600016000160001600016000250311.1銷售收入160001.2回收固定資產(chǎn)余值40181.3回收（流動）凈 營運資金50142現(xiàn)金流出500070009013764010960109601096010960109601096010960109601096010960109602.1建設投資（不含 建設期利息）5000700040002.2凈營運資金50142.

13、3經(jīng)營成本700010000100001000010000100001000010000100001000010000100002.4銷售稅金及附 加6409609609609609609609609609609609603所得稅前凈現(xiàn)金流量（1-2）-5000-7000-901335605040504050405040504050405040504050405040140764累計所得稅前 凈現(xiàn)金流量-5000-12000-21013-17453-12413-7373-2383270777471278717827228672790732947470185所得稅5531058107510931

14、11011271145116211791197121412146所得稅后凈現(xiàn)金流量（3-5）-5000-7000-9013300839823965394739293913389533783861384438261286表6、全部投資現(xiàn)金流量表（融資后）（單位：萬元）7累計所得稅后 凈現(xiàn)金流量-5000-7000-21013-18006-14024-10059-6112-218217305625950313364172072100633892表7、權益資金投資現(xiàn)金流量表(單位：萬元)序號項目計算期1234567891011121314151現(xiàn)金流入112001600016000160001600

15、0160001600016000160001600016000250311.1銷售收入1120016000160001600016000160001600016000160001600016000160001.2回收固定資產(chǎn)余值40181.3回收凈營 運資金50142現(xiàn)金流出3000300020002.1權益投資3000300020009892.313665136311359513560135251348913771134191338412475124752.2借款本金償還874.2874.2874.2874.2874.2874.2874.2874.2874.2874.22.3借款利息支付82

16、67737216686165635114584063543023022.4經(jīng)營成本700010000100001000010000100001000010000100001000010000100002.5銷售稅金 及附加6409609609609609609609609609609609602.6所得稅552.51058.21075.31093111011271145147911801197121412143凈現(xiàn)金流量(1-2)-3000-3000-2000130823352369240524402475251022292581261635253525項目年份4567891011121314

17、15利潤總額1674.13206.53528.63311.53363.93416.43468.83521.33573.73626.23678.63678.6所得稅55310581075109311101127114511621179119712141214稅后利潤112221492183221922542289232423592395243024682468盈余公積金112215218222226229233236240245247247公益金56108109111113115116118120122123123應付利潤9531826185618861916194619762006203620

18、8320952095未分配利潤利潤分配表（單位：萬元）注：盈余公積金=稅后利潤10%計提公益金=稅后利潤5%計提應付利潤=稅后利潤-盈余公積金-公益金序號項目計算期1234567891011121314151經(jīng)營現(xiàn)金流量表（1.1-1.2）11200160001600016000160001600016000160001600016000160001.1現(xiàn)金流入112001600016000160001600C1600c1600c1600C1600C1600C11600C11.1.1銷售收入112001600016000160001600C1600c1600c1600C1600C1600C11

19、600C11.2現(xiàn)金流出1.2.1經(jīng)營成本70001000010000100001000c1000c1000C1000C1000C1000C11000C1100001.2.2銷售稅金及附加64096096096096096096C96C96(96C)96C)9601.2.3所得稅552.41058.11075.310931110.11127.41144.71478.81179.3:1196.6>1213.91213.92投資活動凈現(xiàn)金流量(2.1-2.2)-5000-7000-90132.1現(xiàn)金流入2.2現(xiàn)金流出5000700090132.2.1建設投資5000700040002.2.2流動資產(chǎn)投資50133籌資活動凈現(xiàn)金流量(3.1-3.2)5000700090138546.912526.512548.912571.912594.31261712639.51262212684.712689.21現(xiàn)金流入50007000901311200160001600016000160001600016000160001600016000160003.1.1權益資金投入3000300020003.1.2建設投資借款2000400020003.1.3營運資金借款50133.2現(xiàn)金流出2653.13473.53451.13428.13405.733833